Strive CEO Matt Cole said the multi-billion dollar attack on Binance has not changed his long-term view on Bitcoin. He added that the price drop was smaller than he expected, especially given the size of the incident and the weak state of the crypto market.
A smaller drop than expected
Bitcoin was trading near $80,600 before the attack, according to reports. It later fell to about $77,400, a loss of roughly 4%. Cole said that relative strength does not prove Bitcoin has found a bottom. Strive’s CEO said he held 43,000 BTC as of October 23 and that the company’s long-term Bitcoin strategy remains the same.
Recovery may take months
Cole described the current market as early spring. He expects a recovery process that could last 6 to 9 months. In his view, Bitcoin is more likely to recover through gradual price gains than through a quick run to new record highs. There is still not enough evidence to say whether the market has reached its final low. Cole compared the Binance attack to a bank robbery. He argued it should not be treated as a failure of the Bitcoin network’s security. Paul Chapman, head of financial crime at Wirex, made a similar point. He said the attack hit the infrastructure of a centralized company, not the Bitcoin network.
Past exchange attacks caused deeper drops
Past reactions offer some context. In 2025, after an attack on Bybit worth about $1.5 billion, Bitcoin fell from $100,000 to $95,000, a drop of about 5%. Market conditions also played a role. CNBC, citing Anchorage Digital data, reported that Bitcoin has fallen an average of 8.3% in the first 24 hours after attacks on crypto exchanges. The roughly 4% decline after the Binance attack is below that average.
Investigation points to signing process
The investigation into how the attack happened is still ongoing. Ido Ben-Natan, CEO of blockchain security firm Blockaid, suggested that attackers may have exploited a vulnerability in Binance’s transaction signing process. He said 50 distinct authorization signatures were found in a transaction on the Ethereum network. If those signatures matched, the attackers may have been able to run code under their control through the wallet. That claim is part of an ongoing review, and more details may emerge.
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